The Loan Process: an Overview

There is little doubt that getting a mortgage is a complex process. You wouldn't be here on our website if it were possible to complete a one-page loan app and get a great loan check cut in one day. But Hill Valley Financial Services Inc. does the heavy lifting so you can concentrate on your life rather than the mortgage loan.

There are four important steps involved in obtaining a loan.

Step one: determine how much you can borrow

This is a function of a couple things. What kind of monthly payment are you looking for? What is the maximum you can borrow from a lender, given your income and credit history? You can get a good idea of your preferred payment abount using the calculators on our website. And we can guide you to the right loan amount and best program for you when you answer a few quewstions. Based on standard lender guidelines, we'll get you a good idea of what kind of terms and loan program you can expect to benefit most from.

Step two: complete a pre-qualification

This is where the rubber meets the road and Hill Valley Financial Services Inc. can really save you money. You will provide info about your employment, your assets, and your residence history. You'll give us information on your employment, asset, and residence history. We run your credit score and report. After we've finished reviewing your information, we'll provide you with a pre-qualificaiton letter. Be careful with this letter — it is a useful tool when you make your offer! With this letter, your REALTOR® will negotiate the best deal for your new home. The pre-qual letter gives you buying clout! While you're looking for your new house with your REALTOR™, we find the best program for you.

Step three: apply now! We make it easy

After you've made an offer and the sellers accept it, it's time to apply for the loan. It couldn't be easier, and you can apply online, right here on our website. After the offer has been accepted and you have applied for your loan, we'll order a professional appraisal on the home.

Step four: your loan is funded

The agents will find an escrow/title company to handle the "funding" of the loan and closing of the sale. We'll coordinate with this company to ensure all the papers your lender will need are avaiailable, and you'll probably}likely sign everything at this company's officeWe work with with the title company on your date to close. Since you will not need to worry about these details, you can concentrate on moving logistics, if you're going to repaint, new carpet, and all the details of moving into your new home.

You've answered some few questions, given us lots of information, applied , and Before you know it, you're moving! We do the mortgage legwork so you can focus on finding the new home that's right for you.

Have questions about the loan process? Call Hill Valley Financial Services Inc. at 503-657-3311. We answer questions about the loan process every day.